STRATEGIES TO NAVIGATE A COMPETITIVE MARKET

View my strategic way to market.

Purchasing a home is almost always a stressful process, but when the real estate market is booming, it can be downright nerve-wracking! It can be hard to stand out when so many people are putting in offers for fantastic homes. To avoid losing out on a home you love, try using some of these tips and tricks to navigate a hot real estate market.

READ UP ON THE CURRENT MARKET

It’s always good to be well-informed, so read up as much as you can about the real estate market, particularly in the area where you’re looking to buy. If you have a real estate agent or know one, now is a great time to chat with them, asking all your burning questions. Typically, experts determine whether or not the market is hot by looking at how many months of unsold inventory are currently available. If the inventory level is about six months, that’s considered balanced; less than six indicates a seller’s market, while more than six favors the buyer.

DON’T BE SCARED OF COMPROMISING

In a hot market — and a seller’s market — you’ll want to jump to make an offer on a great house as soon as you see one. Of course, this doesn’t mean that you should feel pressured to buy a home that you don’t love; it simply means that you should try hard not to be picky. Do you absolutely adore a home’s location and open floor plan but aren’t crazy about the outdated kitchen? Take a look at your finances to see if it’ll be feasible for you to do a remodel upon moving in. Have your heart set on a certain neighborhood, but the inventory just isn’t there? Chat with locals or your real estate agent to find another close-by neighborhood that has similar elements you love and see if you can find anything in that area. If you are able to compromise here and there, the odds are much higher that you’ll be able to get into a great house sooner.

MAKE THEM AN OFFER THEY CAN’T REFUSE

When it comes time to make an offer, you’ll want it to be as fantastic as possible. Waiving contingencies is one of the simplest ways to make your offer stand out from the crowd and get preapproved if you can; there’s always a chance you might be competing with cash offers, so showing the seller that you can financially handle the situation always works in your favor. You can also write out a closing timeline that will be beneficial for the seller or introduce the possibility of a rent-back agreement. Anything that gives the seller peace of mind is likely to add some points in your favor.

WORK WITH JAMES

Having been through the building process in the Hamptons, James is an invaluable resource for helping clients evaluate timing, costs, and permitting procedures to accurately assess a property’s potential.

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CONTACT DETAILS

JAMES WILSON

Phone

(631) 377-2810

[email protected]

A key to his winning formula is correct pricing and presentation.

Address

6 Main Street East Hampton, NY 11937

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